“Consolidating our main corporate functions into one office is an important step for Andean as we focus on the next stage of our growth,’’ said Alberto Morales, the company’s founder and Executive Chairman. The move, which is scheduled to occur by the end of January 2023, is expected to result in near-term cost efficiencies and greater cross-functional collaboration to improve decision-making.
Additionally, the company has announced changes to its senior leadership team. Effective November 14, Morales will assume the role of CEO, replacing Simon Griffiths, who is resigning from the Andean board of directors effective immediately and will be stepping down as President and CEO on November 13, 2022. He will assist in the transition and stay on as an advisor to the company for a period of time.
Toronto-based CFO Jeff Chan will also be stepping down from is role, effective November 30, 2022. He will remain with the company in and advisor capacity to support his successor in the transition until December 31, 2022. Effective December 1, 2022, Juan Carlos Sandoval, an experienced financier, becomes CFO.
On November 2, 2022, Andean Precious Metals shares closed at 73 cents and currently trade in a 52-week range of $2.30 and 68 cents.
Andean is a growth-oriented silver producer and operates the only commercial silver oxide plant in Bolivia. The company produced 5.8 million ounces of silver in equivalent ounces in 2021 from its own mineral claims, contracts with the state mining company of Bolivia and from a high margin third-party sourcing business.
All processing occurs at the San Bartolome carbon in leach oxide processing plant located beside the historic Cerro Rico Silver Mine. Cerro Rico is known as one of the world’s largest silver deposits and has been mined since the late 1500s for precious and base metals.
The company is also exploring its wholly-owned San Pablo and Rio Blanco gold projects and seeking other accretive opportunities in Bolivia and Latin America.
“Bolivia is among the most geologically prospective, under-developed jurisdiction in the world, so progressing exploration work on our portfolio of projects has been a key priority for Andean,’’ Griffiths, has said.
Earlier this year, the company launched a 15,000-metre phase two drilling program at its San Pablo porphyry target in Bolivia.
The San Pablo Project covers 650 hectares and is located in the Province of Antonio Quijarro, Department of Potosi. San Pablo is located in the southern part of the prolific Bolivian tin-silver and polymetallic belt that hosts several of Bolivia’s largest deposits, including the former Kori Kollo gold mine (Newmont Mining Corp. (NEM-NYSE) which produced more than 4.0 million ounces, and the Cerro Rico of Potosi, which produced up to 2.0 billion ounces of silver as well as a significant amount of tin.